Unlike Mr Rogers’ Neighborhood, Mr Draghi’s Neighborhood is not having a wonderful day.
American and European equity markets are getting slammed at opening bell.
And American and European debt markets (in this case, the 10 year sovereign yields) are tanking. Noticeably, credit-challenged nations like the PIGS (Portugal, Italy, Greece, Spain) all saw 10+ basis point jumps in their 10 year sovereign yields. The UK saw dump of over 10 basis points.
European banks are seeing a substantial rise in the credit default swap spreads.
Crude oil is once again below $30 as the Baltic Dry Index continues to remain near the bottom of the economic sea.
It is a sad day for Central Banks, particularly the ECB’s Mario Draghi. Here is the Fed’s Janet Yellen before she speaks to Congress.
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